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Judge mulling $410M B of A overdraft settlement

MIAMI (AP) — A federal judge in Miami is considering whether to finalize a $410 million settlement in a lawsuit claiming Bank of America charged excessive overdraft fees.

The hearing Monday is to consider any objections or other issues related to the deal originally reached in May.

The class-action lawsuit contends that Charlotte, N.C.-based Bank of America processed its debit card and check payments in a way that triggered more overdrafts and therefore more fees. Even though it agreed to the settlement, the bank insists the overdraft system was proper.

An estimated 1 million customers could receive unspecified payments from the settlement. The lawsuit covers people with Bank of America debit cards between January 2001 and May 2011.